Megawide Q1 earnings up on robust construction, landport businesses

EARNINGS of Megawide Construction Corp. climbed 3% in the first quarter as its construction and landport segments generated strong revenues. In a disclosure to the stock exchange Friday, the listed engineering company said it booked an attributable net income of P233 million in the three-month period, up from P227 million a year ago. Total revenues jumped 42% to P5.06 billion, on the back of a 52% increase in construction revenues to P3.91 billion. Revenues from…

"Megawide Q1 earnings up on robust construction, landport businesses"

City of Dreams operator’s profit falls as tourist arrivals decline 31% profit decline in Q1

WWW.PREMIUMLEISURECORP.COM/ EARNINGS of Belle Corp., the listed operator of City of Dreams Manila, dropped by 31% in the first quarter as tourist arrivals fell due to the Taal eruption and the onset of the coronavirus disease 2019 (COVID-19) pandemic. In a statement Friday, the company said its consolidated net income stood at P577 million, down from P835 million in the same period last year. Consolidated revenues also fell 25% to P1.42 billion. “The effects of…

"City of Dreams operator’s profit falls as tourist arrivals decline 31% profit decline in Q1"

Vista Land posts 10% income growth in 2019

VISTA LAND & Lifescapes, Inc. (VLL) reported a 10% increase in profits last year, as it saw higher demand for its commercial assets. In a statement, the Villar-led property developer said its net income grew to P11.6 billion from P10.5 billion. Consolidated revenues were 7% higher at P44.4 billion. Leasing income expanded by 20% to P8.5 billion, while contributions from real estate also climbed 3% to P32.8 billion. “We are pleased with the company’s 2019…

"Vista Land posts 10% income growth in 2019"

Puregold Q1 profit gets boost from panic-buying

BW FILE PHOTO EARNINGS of Puregold Price Club, Inc. jumped 17% in the first quarter, as consumers began panic-buying before the lockdown was implemented in mid-March. In a statement on Friday, the listed grocery operator said its consolidated net income in the January-to-March period rose to P1.76 billion from P1.51 billion last year. Consolidated net sales from Puregold and S&R stores increased 17% to P40.95 billion. Puregold stores accounted for 77% of total sales, while…

"Puregold Q1 profit gets boost from panic-buying"

Japan’s Sumitomo acquires stake in LRT-1 operator

BW FILE PHOTO By Denise A. Valdez, Reporter METRO PACIFIC Investments Corp. (MPIC) has sold part of its stake in the operator of the Light Rail Transit Line 1 (LRT-1) to Japanese company Sumitomo Corp. In a statement, the listed company said it unloaded its economic interest of 19.2% in Light Rail Manila Corp. (LRMC), which holds a concession to operate, maintain and expand the LRT-1 until 2047. Under the deal, Sumitomo acquired a 34.9%…

"Japan’s Sumitomo acquires stake in LRT-1 operator"

Grab app adds features versus pandemic

Grab Philippines has added new features to its app to ensure the enforcement of “higher safety and hygiene standards” across its fleet when lockdown measures are eased. In a virtual press briefing on Thursday, Grab launched “GrabProtect” as it anticipates returning to regular operations in Metro Manila in case the government decides to allow public transportation under the more relaxed community quarantine. It said the new features are part of GrabProtect, which covers all its…

"Grab app adds features versus pandemic"

Banking unit boosts Filinvest income

FILINVEST Development Corp. (FDC) expanded its attributable net income in the first quarter by 8% to P3 billion due to the growth of its banking unit. In a statement Thursday, the Gotianun-led holding company said it was able to rise above the challenges brought by the coronavirus disease 2019 (COVID-19) pandemic by implementing cost-control measures across its businesses. While its total revenues slipped 2% to P17.18 billion, the company’s gross expenses were slightly lower at…

"Banking unit boosts Filinvest income"

Liquor ban weighs on net earnings of SMC food, beverage unit

EARNINGS of San Miguel Food and Beverage, Inc. (SMFB) dropped 20% in the first quarter due to excise taxes and the prohibition of alcoholic drinks during the lockdown period. In a statement Thursday, the food and beverage arm of San Miguel Corp. (SMC) said its net income for the three-month period stood at P5.8 billion. Consolidated revenues likewise slipped 9% to P69 billion. The beer division posted an 18% revenue drop to P28.4 billion, driven…

"Liquor ban weighs on net earnings of SMC food, beverage unit"

Pandemic hits San Miguel with 91% profit drop to P1 billion

BW FILE PHOTO PROFITS of San Miguel Corp. (SMC) crashed 91% in the first quarter as the coronavirus disease 2019 (COVID-19) pandemic led to a double-digit decline across its business units. In a presentation to investors Thursday, the conglomerate reported a net income of P1.09 billion in the three-month period, down from P12.83 billion in the same period last year. Net sales fell 15% to P214.07 billion while income from operations dropped 62% to P11.73…

"Pandemic hits San Miguel with 91% profit drop to P1 billion"

Bo’s Coffee says sales rise in some market segments

LOCAL CAFÉ chain Bo’s Coffee saw higher sales in two of its stores during the lockdown even as majority of its stores operated at 30% of their pre-lockdown sales. “There will be two outliers, two stores that went beyond 100% and 120% from pre-COVID,” Bo’s Coffee Chief Executive Officer Steve D. Benitez said in a webinar with the Philippine Franchise Association on Thursday. “That was a big surprise to me and my team as well.…

"Bo’s Coffee says sales rise in some market segments"